Goldman Sachs analyst Alexander Blostein upgraded Stifel Financial to Buy from Neutral and raised his price target for the shares to $70 from $55. The analyst sees upside to consensus earnings estimates from strengthening organic growth in wealth management, positive momentum in advisory, and utilization of capital. He believes Stifel's evolution toward wealth management and its capital utilization are being underappreciated at current share levels.

Reports Q1 revenue $1.2B, consensus $1.14B. Ronald Kruszewski, Chairman and CEO, said "Total net revenue of more than $1.16 billion was our second highest quarterly net revenue ever, as the momentum we highlighted at the end of 2023 carried into the first quarter. Record Global Wealth Management revenue and improving market conditions for our Institutional Group drove our top and bottom line growth from the same period a year ago. While the outlook for the remainder of 2024 is not without risk, I remain cautiously optimistic that our diversified business will continue to generate strong returns for this year and beyond."